Another quarter and another record breaking set of numbers for Manhattan and Brooklyn real estate.

The boom of the luxury and super high end condos have pulled the average price of a Manhattan apartment to an all-time high $1.81M and also helped trigger a rise in inventory with the sales commencements of several high profile New Developments across the borough.

Brooklyn also gets its share of records with the average price per square foot breaking a 7-year high to reach $704/sf. The historically low inventory has risen over the last quarter but in proportion far from the levels that a market requires to reach equilibrium.

In addition to the traditional Corcoran Manhattan and Brooklyn market reports, this newsletter will touch base on the current relationship between Manhattan inventories, price level and the effect of New Developments in the borough. To follow, the impact of Global Wealth and its potential contribution to New York Real Estate along with the consequences of China’s economy will present data that could help developers keeping their cool in regards to the rise in super high end properties hitting the market. Finally, Brooklyn’s alarming lack of inventory may show a swift in current developers’ strategy to anticipate a change of plans and bring more products for sale quicker than expected to feed a demand starved of choices.

I truly hope that this newsletter will be beneficial and informative while shaping your future real estate plans. Please feel free to contact me should you want to consult on your real estate projects.

I hope you are having a great start of 2015 and wish you great health and success for this exciting new year!

2014 has seen several records shattered in many market segments and locations. A recap of the Manhattan Q4 2014 report is bringing new insight about what moved the market over the past 12 months with some perspective on the current level of inventory.

With the upcoming of about 6,500 new units on the market (almost 50% already in contract), I also found it necessary to talk about the concept of New Developments, explain what they are, and which segments of the market they’ll be affecting in the next year.

Finally, Brooklyn’s sellers’ market is becoming more and more challenging to navigate with a highly competitive pool of buyers, increasing prices, low inventories, and only a few New Developments scheduled to hit the market. (Brooklyn Q4 2014 included)

I truly hope that this newsletter will be beneficial and informative while shaping your future real estate plans. Please feel free to contact me should you want to consult on your real estate projects.

Previously known for being home of the Schrafft’s luncheonette, the corner of 5th Avenue and 13th street was ravaged by fire in 2006, then sold in 2008 to a developer who demolished the remaining structure, before undergoing the development of a new set of luxury apartments designed by architect Alta Indelman. Ever since the 2011 stop-work order, this development has been very quiet until this month of July 2013, when it finally announces that units are for sale. The 10-story building features street retail space, 3 duplexes and 1 triplex. The duplexes are about 4,300sf asking for $12.975 to $13.975 million and the triplex is fetching 6,000sf and a 1,901sf terrace for an asking price of $28.5 million. From the rendering, this luxury boutique condominium will have private key-locked elevators access and a 24-hours doorman service. The triplex living room will sprawl 19’ ceilings with wide plank rift oak floors and other luxurious finishes. All residences will feature an impressive master bedroom, Italian marble baths, sun flooded lofty living rooms with fireplace. The residences “combine modern and chic aesthetic with a traditional New York living”.